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The Cayman Islands, situated 480 miles south east of Miami, enjoy a semi tropical climate and contain a population of approximately 35,000 people of mixed origin. The Islands are a British Crown Colony. Her Majesty the Queen is represented by a Governor who is Chairman of both the Legislative Assembly and the Executive Council. There are no taxes whatsoever on income or profits, capital or wealth or capital gains. The revenues of the Islands are derived from indirect taxes such as import duties and stamp duty. One of the most important features is that there never have been any taxes The absence of income tax is not, as it is some territories, an artificial absence created by legislation, but a natural one. Companies incorporated in the Cayman Islands enjoy the same tax free status as individuals regardless of nationality of ownership. This absence of taxes, together with political and racial stability, has attracted the attention of investors seeking tax free base for their operations. The Government is aware of this attraction and has encouraged investment by the deliberate introduction of laws and development of the financial sector. Government policy is aimed at a continuation of the development of this aspect of the Islands' economy The official tender in the Cayman Islands is the Cayman Islands dollar, although American, British and Canadian currencies are honored and readily accepted. The official rate of exchange is CI$l.00 to US$1.20. There is no restriction on any company maintaining accounts in any currency either inside or outside the Islands. Currently there are approximately 32,000 companies, 550 banks, 900 mutual funds and 400 insurance companies of various categories registered or licensed in the Cayman Islands Their incomes are not subject to local taxation, and, in the main, their accumulated incomes are not subject to foreign taxation until such incomes arc distributed. But there are other considerations quite apart from the absence of taxation; they operate from an environment in which there are no excessive restrictions on their freedom of trade or their ability to transact business in any part of the world.
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